Business | General
Future Pipe Industries plans to sell 35% of shares in IPO
Company eyes listing on Dubai International Financial Exchange by May this year.
- Staff Report
- Published: 20:27 March 30, 2008
- The Dubai International Financial Exchange. Lebanon's Makhzoumi family said yesterday it plans to sell shares in an initial public offering of its Future Pipe Industries.
- Image Credit: Reuters
Dubai: Future Pipe Industries Group Limited (FPI), a Dubai based manufacturer of fibreglass pipe systems announced on Sunday that it would sell 35 per cent of its shares through an initial public offering and list the company on the Dubai International Financial Exchange (DIFX).
"We see this listing as the next step in our evolution as a global company. FPI has transformed itself into the global leader in large diameter fibreglass pipe systems. We have more than doubled our sales in the last two years, from $245.4 million in 2005 to $556.4 million in 2007," said Rami Makhzoumi, President and CEO of FPI.
The IPO will take the form of a sale of shares by Future Management Holdings, the sole shareholder of FPI, which is wholly-owned by the Makhzoumi family. Future Management Holdings will retain majority ownership of the company.
The securities will be issued in US dollars and priced through a book building process, which will set a market price before listing. Deutsche Bank's London branch is the sole global coordinator and bookrunner. Citigroup and mashreq are the co-lead managers.
The company expects to complete the listing by early May. The shares will be offered globally to institutional investors. UAE residents and Gulf Co-operation Council nationals, and corporations with qualifying investment accounts in the UAE, will be eligible to apply. The applications must be made in the UAE.
Application forms for the UAE retail offer will be included with the preliminary prospectus. Copies of the summary document and the preliminary prospectus with full details of the offering are expected to be available from April 13.
Retail investor applications are expected to open that day and close on April 21.
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